JLR, VW, Stellantis Form EV Partnerships in China
Jaguar Land Rover (JLR) and Volkswagen (VW) have announced significant partnerships in China's electric vehicle (EV) market. JLR will utilise Chery's Exeed brand's hybrid and all-electric technology platforms, while VW invests heavily in JAC and expands its Hefei production. Meanwhile, Stellantis forms a joint venture with Leapmotor.
JLR's partnership with Chery is nearing completion, with the luxury automaker set to become the first to adopt Chery's platform for EVs. The agreement will see JLR build new models using Chery's hybrid and all-electric technology platforms. JLR's sales in China have declined since peaking in 2017, making this partnership crucial for its EV strategy. By 2030, JLR plans to split into four separate EV-focused brands.
VW is investing $700 million for a 4.99 percent stake in JAC and plans to co-develop two EV models in China. Additionally, VW will invest 2.5 billion euros to expand its production and innovation center in Hefei. This significant investment underscores VW's commitment to China's EV market.
Stellantis, on the other hand, is investing 1.5 billion euros in Leapmotor for a 20 percent stake, forming a joint venture for global sales. This partnership will enable Stellantis to expand its EV offerings worldwide.
These strategic partnerships and investments highlight the growing importance of China's EV market. JLR's use of Chery's platform, VW's significant investment in JAC and Hefei, and Stellantis' partnership with Leapmotor all point towards a future dominated by electric vehicles.
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